90.2K

Verified Solution

Link Copied!

How do you calculate the equivalent units of direct materials and conversion using the weighted average method and the FIFO method?

How do you calculate the cost per equivalent unit for both direct materials and conversion using the weighted average method and the FIFO method?

CoursHeroTranscribedText: 637 Weighted-Average Method Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. This is the company's production schedule for May: Percentage Completed Tons of m Pulp WorkinProcess Inventory, May 1 5,000 100% 50% Started during May Q,@ Units to account for 20,000 Units froln beginning WorkinProcess. which were completed and transferred out during May 5,000 Started and completed during May 12,000 WorkinProcess Inventory, May 31 _3,@ 100% 50% Total units accounted for 20,000 The following cost data are available: WorkinProcess Inventory, May 1 Direct materials 15 94,000 Conversion 133,120 Costs incurred during May Direct materials 229,800 Conversion 376,000 Required 1. Calculate the equivalent units of direct materials and conversion during May. Use the weightedaverage method. m 2. Calculate the cost per equivalent unit for both direct materials and conversion during May. Use the weightedaverage method

Answer & Explanation Solved by verified expert

See Answer